Genco Shipping & Trading Limited announced that James G. Dolphin has retired from the Board. The decision is not the result of any disagreement on Genco’s strategy, operations, policies, or practices.
Genco also announced that as part of its ongoing succession planning process, the Board has appointed Chief Executive Officer John C. Wobensmith to the additional role of Chairman of the Board and Kathleen C. Haines as Lead Independent Director to support the Board’s continued independent oversight.
James G. Dolphin commented, “It has been an honor to serve on Genco’s Board for the past 11 years with the last four as Chairman. I am proud of the work we have done together and have tremendous optimism for Genco’s future. Specifically, Genco is in a position of strength and the strategy that the board and management has implemented has created a differentiated drybulk company with a robust balance sheet, a solid risk reward dynamic and the ability to provide shareholder returns through the drybulk cycles.”
Kathleen C. Haines commented, “I am proud to be appointed Lead Independent Director. The Board’s decision to create this new role underscores its focus on robust corporate governance standards, including a strong majority independent Board, no related party transactions, and status as a US domestic filer. On behalf of the entire Board, I want to extend my heartfelt gratitude and thank Jim for his leadership and significant contributions to Genco over the past 11 years. His dedicated service to the Company has been invaluable and is greatly appreciated.”
Ms. Haines added, “The Board is pleased to have unanimously appointed John as Chairman and is unified in its view that under his leadership Genco will continue to effectively differentiate the Company and execute on its value strategy focused on shareholder returns and growth. Over the past 20 years, John has demonstrated strong strategic vision and leadership as well as an unwavering commitment to position Genco to create enduring long-term value for shareholders and achieve the highest operational standards for our world-class customers.”
John C. Wobensmith, Chairman and Chief Executive Officer, commented, “Jim has been a valued and dedicated board member and Chair for more than a decade and I thank him for everything he has done for the Company. Upholding a high standard of governance is essential to creating enduring long-term shareholder value and I look forward to working with Kathleen and the other independent directors to maintain this critical objective. Our unrelenting focus remains on providing strong shareholder returns through the drybulk cycles, while capitalising on attractive growth opportunities to further expand our earnings power.”
In the newly formed position of Lead Independent Director, responsibilities include presiding at each executive session of the independent directors of the Board; serving as liaison between the Chairman and the independent directors; approving information sent to the Board; approving meeting agendas for the Board; managing meeting schedules to assure sufficient time for discussion of all agenda items; having the authority to call meetings of the independent directors; and if requested by major stockholders, ensuring that he or she is available for consultation and direct communication.
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